||No Extra Charge to Ballinamore Credit Union members
Life Savings Insurance is the life insurance cover the Credit Union provides for its eligible members as an additional incentive for them to save regularly.
The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has, and depends on the members age at date of lodgement.
Subject to a maximum benefit set by your Credit Union, every €1 you save before the age of 55 provides €1 of insurance. Once you are over the age of 55 each €1 you save with your credit union provides the following benefit:
No insurance is payable on amounts saved after your 70th Birthday.
- €1 saved between ages 55-59 provides 75% insurance
- €1 saved between ages 60-64 provides 50% insurance
- €1 saved between ages 65-69 provides 25% insurance
Once earned, your insurance remains in force as long as you leave your savings in your credit union. Withdrawals may affect the amount payable.
A member is eligible for the insurance cover carried by the credit union if when they begin saving they are:
What are the benefits?
- Under the age of 70
- Actively at work, or if not working, in good health
It will depend on your age and how much you have saved with the credit union over the years as to how much Life Savings insurance will apply on your account.